The mixed-use property located at 116 Bedford Avenue in Williamsburg, Brooklyn has been sold in a recent transaction. The property, with a size of 7,075 square feet, was sold for a price of $6,600,000, resulting in a price per square foot of $933.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $6,600,000
• Address: 116 Bedford Avenue
• Market: Williamsburg, Brooklyn

The buyer of the property was Danny Wrublin, while the seller was Alex Maroni. The deal was facilitated by brokers Shaun Riney, Michael Salvatico, Samuel Leppo from Marcus & Millichap, and Matthew Sobel from Dalan Management, with Danny Wrublin also representing his own interests. The transaction closed in a 30-day timeframe, with emphasis on timing due to multiple 1031 exchanges being orchestrated. The purchase was made above a 7% cap rate, showing the buyer's opportunistic approach and attention to deals. The NYM group, who previously owned the property, has now sold all their covid-era purchases and invested the profits into new assets for further gains. The deal was successfully completed with the assistance of Seth Romanick, sellers counsel. For more information or to explore similar opportunities, interested parties can contact Shaun Riney at 718-475-4369 or Mike Salvatico at 718-475-4358.